Demand Flashcards
meh (5 cards)
1
Q
Define Demand
A
willing and able to buy a good or service
2
Q
What type of relationship do Price and Quantity have?
A
price and quantity have an inverse relationship
3
Q
what does an increase in QD and a decrease in P mean on a demand curve?
A
an extension in demand
4
Q
what does a decrease in QD and an increase in P mean on a demand curve?
A
a contraction in demand
5
Q
A
